Who
What
Give me the Formula
Fill in the blank
100
My computer models are widely used by other economists.
Lawrence Klein
100
Monetary Measure of the market Values of all the final goods and services produced in a period of time.
What is Gross Domestic Product (GDP)?
100
To find the central tendency of individuals' earnings since most income distributions are highly skewed given that N=36.
Md = (Xn/2+X(n/2)+1) / 2
(Median)
100
________ deals with empirical estimation of economic relationships.
econometrics
200
This economist's other areas of research included time series, linear regression analysis, production theory, and business cycles.
Ragnar Frisch
200
I am often denoted as X. I can choose to change but cannot be changed. I can explain the variations in the dependent variable.
What is Independent Variable(s)?
200
Simple linear Regression
200
In the formula for Simple Linear Regression model, B1 is the ____________ coefficient. ___________ is the dependent Variable.
regression coefficient
Y
300
The 3 Pioneers of Econometrics
Ragnar Frisch
Simon Kuznets
Lawrence Klein
300
The demand for the gross domestic product of a country.
What is effective demand?
300
To calculate the average annual inflation rate for a country over the past 10 years.
Mean/Arithmetic Mean
300
Three elements of defining an econometric model: __________ model, ___________ model, ____________ assumption
Economic
Econometric
Statistical Assumptions
400
He developed a framework for measuring a nation's total economic output, a metric now used globally to assess financial health.
Simon Kuznets
400
I can take many forms, from simple tables to complex charts. Economists use me to communicate or present findings and illustrate trends. A well-constructed version of me can make complex information accessible, while a poorly designed one can obscure the truth.
What is Economic Data Presentation?
400
A marketing manager wants to understand how advertising spending (X) affects sales revenue (Y). They assume a linear relationship. Give me the formula for the simple linear regression model that the manager can use to estimate the impact of advertising on sales.
Sales revenue= β₀ + β₁ (advertising spending) + ε
400
__________ focuses on issues that affect individuals and companies. While _________ deals with the performance, structure, behavior, and decision-making of an economy as a whole.
Microeconomics
Macroeconomics
500
I test hypotheses, predict future trends, and assess policies using statistical and mathematical methods to analyze economic data. I also quantify the correlations between economic variables. By the Way, I am a model!
Econometric Model
500
Linear Model assumes a constant effect of the independent variable which is unrealistic in an economic context. Also, it does not fully capture complex economic phenomena that have nonlinear properties.
What are the disadvantages of the Linear Model?
500
Give 3 formulas under the measures of dispersion or Variability
Range: R= HV-LV
Variance: σ² = Σ(xi - μ)² / N
Standard Deviation: σ = √σ²
Coefficient of Variation: CV = (σ / μ) x 100 %
500
___________ Models are very helpful in testing hypotheses and ____________ future trends. It has two types; __________ and __________ econometric models which usually incorporate variables like GDP, interest rates, and employment. This model ___________ the correlations between economic variables.
Econometric Models
Predicting
Linear and non linear
Quantify